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Binance Hacker Seeks to Cash Out as DeFi Exchanges Pause Markets
(2 hours ago) · 1 source · Summarized by CryptoBipto
Following a reported hack of Binance, the attacker has been attempting to move stolen funds through decentralized finance platforms. Several DeFi exchanges have responded by pausing their markets to prevent the hacker from converting or laundering the assets.
WHY IT MATTERS
When a major crypto exchange gets hacked, the attacker needs to find ways to turn stolen digital tokens into usable money or other assets — this is sometimes called finding an "exit ramp."
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SOURCES
- decrypt.co
RELATED
ETHExchange HacksDeFiDecentralized ExchangesCrypto SecurityBinance
Learn the concepts behind this
Clear explanations of the subjects this article touches, with every term defined.
- What is DeFi, and how does decentralized finance work?Decentralized finance explained: liquidity pools, yield farming, impermanent loss, DAOs and governance tokens, each with its own definition page.
- How do you buy cryptocurrency safely?How crypto exchanges, verification, on-ramps and order types work, so you understand each step of a first purchase before you make one.